Multinationals on China | Foreign Investment Adventure: Unleashed Potential

This year's Government Work Report has showed a clear outline for expanding institutional opening-up, stabilizing foreign trade and investment, and deepening international cooperation.

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The report specifically mentioned the "support for foreign enterprises needs to be largely enhanced", with "landmark projects" advanced and the building of the "Invest in China" brand.

China is a global investment magnet now! In 2024, FDI in the Chinese mainland in actual use totaled $114.76 billion.

What makes China so attractive? Rewind to 1978, China hit the "play" button on its economic adventure, opening its doors to the world. This was more than just a policy change. It was a game-changer for global business. Since then, foreign companies were like the cool kids on the block, flocking to China for its massive potential.

In 1979, Coca-Cola became the first foreign corporation allowed back in to the Chinese mainland.

In 1984, SAIC Motor and VW Group established China's first passenger car joint venture SAIC Volkswagen. In 1987, KFC opened its first store in Qianmen in Beijing, marking the entry of Western fast food culture into China. In 1990s, Walmart, Microsoft, Intel, Carrefour, etc. entered China.

Besides its potential, what else attracts foreign companies? It's the policies! China's like a pro-level game with foreign investment law, free trade zones, tax perks, and IP protection. Now China is one of the top destinations for foreign investment globally. Tesla's Gigafactory Shanghai began production in December 2019, less than one year after groundbreaking. Its energy storage gigafactory in Shanghai has already started production in February 2025, with a total investment of $202 million. Walt Disney's biggest overseas investment Shanghai Disney Resort opened in 2016 with a total investment of $5.5 billion. Meanwhile it also continued expansion. Pixar Toy Story Land opened in April 2018, the Zootopia Land opened in December 2023. The new expansion will be a new Spiderman-themed attraction and the third Disney-themed hotel. Merck has invested around $820 million in China in the past 10 years. J.P. Morgan Securities (China) Company Limited became the first wholly foreign-owned securities firm in China. BlackRock became the first global asset manager to win a license for a wholly-owned onshore mutual fund business in China.

The journey is more amazing in Guangdong Province. BASF is currently building a new Verbund site in Zhanjiang, with a total investment of up to around $9.93 billion by 2030. It is BASF's largest investment to date. ExxonMobil is conducting a new Research and Development centre in Huizhou,

with an investment of over $10 billion. It is the company's first comprehensive R&D centre equipped with a pilot plant outside the North American headquarters. In Guangzhou Unilever invested $321.5 million to build its first full line production and marketing base in China. Sanofi launched international vaccine innovation center in Shenzhen, the world's largest company devoted entirely to vaccines. Carlsberg Group opened its 27th production base in the Chinese market in Foshan, with an investment of $415.5 million.

Foreign companies still eye more market opportunities in China. Number don't lie! Up to the end of 2024, Guangdong had 215,100 registered foreign-funded companies, accounting for a quarter of the country, ranking first in China. The cumulative number of foreign-funded companies established in China exceeded 1.24 million.

As China's door is opening even wider, their adventure continues. In recent, Chinese government published a "2025 action plan for stabilizing foreign investment", outlining key measures to attract and retain foreign investment by expanding market access, easing financial restrictions, and fostering a level playing field business climate. The Action plan will also improve the ability of foreign capital to invest in telecommunication, education, healthcare and biotechnology industries.

So where's the future? It's already here, in China. Foreign companies won't just be investors, but be partners of China's high-quality development.
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